Taiwan will in principle accept a new draft framework worked out at the last minute by the World Trade Organization (WTO) to advance the Doha round of talks, Yen Ching-chang (顏慶章), Taiwan's permanent envoy to the world's top trade organization, said yesterday.
In order to continue global trade talks, Taiwan will in principle accept the WTO's newly revised framework, with the exception of terms regarding key agricultural issues, Yen said.
Yen made the remarks after the WTO released a new compromise draft of the July package at the last minute before a Friday deadline during a three-day negotiation meeting in Geneva, in which representatives of all 147 WTO member states took part.
The Taiwanese delegates did their best to protect the country's interests in the meeting through a joint offensive built upon with other countries which share a common stance with Taiwan, Yen said.
As the draft package has not made any changes to the agriculture section -- the most contentious field among member states -- regarding tariff restriction quotas and tariff cuts, which the Group of 10 (G10) have strongly opposed, Yen said that Taiwan will not make any comment on its own in this field for the time being.
Economic Affairs Vice Minister Chen Ruey-lung, who attended the meeting, echoed Yen's remarks and said that consensus reached on industrial tariffs and trade facilitation will largely help boost Taiwan's exports and industrial development.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Tesla Inc is planning to ship vehicles made at its Shanghai Gigafactory to other markets in Asia and Europe, people familiar with the matter said, as the company looks to realize its plan to reduce shipping costs and manufacture vehicles closer to customers. China-built Tesla Model 3s intended for delivery outside China would likely start mass production in the fourth quarter of the year, the people said, asking not to be identified because the details are private. They said the markets targeted include Singapore, Australia and New Zealand, as well as Europe, where customers currently have to wait for a Tesla to
Nano-X Imaging Ltd, a start-up founded by Israeli investor Ran Poliakine, is joining forces with South Korean chipmaker SK Hynix Inc to build a machine that could disrupt a century-old X-ray industry. Valued at about US$2 billion after listing on the NASDAQ last month, Nano-X is seeking to transform a multibillion-dollar industry that has essentially relied on the same technology since Nobel Prize in Physics winner Wilhelm Roentgen discovered X-rays in the late 19th century. Nano-X’s device uses semiconductors instead of metal filaments to generate X-rays. The backing of SK Hynix, the world’s second-largest maker of memory chips, is a boost for
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle